Giving your home to a selected grand child.

Discussion in 'Wills & Estate Planning' started by devank, 30th Jun, 2017.

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  1. Ross Forrester

    Ross Forrester Well-Known Member

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    The best time to win a war is before it starts.

    If you want to differentiate with beneficiaries there are a number of kind ways to do so without antagonistic lawyers involved post death.

    Never underestimate the use of culture as a tool for succession. It is harder to do so initially - but the other option is to leave a legacy of a fight between the kids. Simply getting a few pages typed by a smart person will not stop the fight - it just increases the legal fees between a couple of irrational people.
     
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  2. Ed Barton

    Ed Barton Well-Known Member

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    I'm not overly worried about what happens to my assets when I die - I won't be around.

    But it does annoy me that I can't decide 100%.
     
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  3. larrylarry

    larrylarry Well-Known Member

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    The reason for having a will is so that it won't end up messy or dealt with by public trustee (hefty bill) or end up Bon vacantia. When drafting will keep in mind of family provision claims.
     
    Last edited: 1st Jul, 2017
  4. Terry_w

    Terry_w Lawyer, Tax Adviser and Mortgage broker in Sydney Business Member

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    It would pass via little Janie's will or intestacy laws.
     
  5. Terry_w

    Terry_w Lawyer, Tax Adviser and Mortgage broker in Sydney Business Member

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    You can decided 100%, but others can challenge this - doesn't mean they will but just that they may have the power.
     
  6. Marg4000

    Marg4000 Well-Known Member

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    We have seen families torn apart by perceived unfair treatment in wills, I.e., shares or money left to some grandchildren but not to others.

    Maybe there were sound reasons, but those whose children missed out certainly don't see it that way.
    Marg
     
  7. Terry_w

    Terry_w Lawyer, Tax Adviser and Mortgage broker in Sydney Business Member

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    Is not receiving a gift really 'missing out'?
     
  8. Marg4000

    Marg4000 Well-Known Member

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    Maybe, maybe not.
    But that is the way it was perceived.
    Marg
     
  9. Gockie

    Gockie Life is good ☺️ Premium Member

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    My sister with her husband were given a $2 mill house from her in laws side. I'm not jealous, i've done well myself and all the other sisters have done well anyway out of this Sydney boom. I don't think anybody on our family is jealous.

    But I don't know about the husbands side... but I suppose everybody is doing well. For context, my sister and her husband are the babies of the family. Everybody else is older.

    I think if you earn the money yourself and build up your asset base without assistance or being given a free kick, you'll appreciate what you build up and own much more than if it's just handed to you. You also will have developed the skills to do more.

    Yes, it could cause issues with the rest of the family, better hope the other kids will be in a well off position...
     
  10. Terry_w

    Terry_w Lawyer, Tax Adviser and Mortgage broker in Sydney Business Member

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    By the person who didn't receive and perhaps their allied family member. But obviously not be the testator or the recipient. If the recipient felt this way they could have given up the gift.
     
  11. Ed Barton

    Ed Barton Well-Known Member

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    So I can't decide 100%.
     
  12. Terry_w

    Terry_w Lawyer, Tax Adviser and Mortgage broker in Sydney Business Member

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    You can decide - it just may not end up that way.
     
  13. Ed Barton

    Ed Barton Well-Known Member

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    So say one has no spouse and no kids. How solid would the will be?
     
  14. Xenia

    Xenia Well-Known Member

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    One of my cousins grandparents left a house just to one grandchild - the oldest one.

    All other grandchildren agreed that it's best for one person to enjoy a $500,000 house than for everyone to get a useless $40,000 inheritance divided amongst 10 of them after legal and selling costs deducted.

    You are doing something terribly wrong on your life if $40 k actually means something... these cousins were luckily all switched on and wealthy.

    The cousin who inherited the home has added extensions, kept original fruit trees that were planted by papou and has made the home look gorgeous. Everyone gets to enjoy it at family BBQs and events.

    They are a close family, all grandchildren have the ability to create wealth and family is more important than fighting over money.

    The lack of money, or the lack of the ability to create wealth independently brings out the worst in people. They turn into ferral animals fighting over scraps in a world of abundance that they simply can't see.
     
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  15. larrylarry

    larrylarry Well-Known Member

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    Xenia you can't assume that $40k is useless to another person. What if one of the siblings is really in need of money and another who needs medical treatment etc? It worked out well in your cousins family but not every family is close knitted. It's not a fair statement in my view.
     
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  16. larrylarry

    larrylarry Well-Known Member

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    If no will, the laws of intestacy applies. See succession act 2006 (NSW) if you are in NSW and assets are in NSW.
     
  17. Hetty

    Hetty Well-Known Member

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    I looked into all this before my father died, as my father and brother were estranged, brother wanted father dead, etc. brother didn't have a job (still doesn't). I cared for dad in the years up to his death (didn't live with him but was always there) whereas my brother didn't care. Dad wanted to make it 60/40 in my favour. We knew my brother would contest and it was made 50/50. Brother was cheering when dad died. I had to deal with everything (I was executor) and he laughed all the way to the bank.

    I really think the family provision law in NSW is outdated and ridiculous. People should get to choose where their money goes when they die. I mean, obviously, to completely disinherit would be unfair but I think long term that this money will damage my brother when he loses it all because he's spent most of his life on Centrelink and his first thing to do when he inherited was to buy a bunch of expensive clothes and travel overseas, staying in 5 star hotels. That's not really a provision for his future maintenance. I could have done so much more with that money. Anyway, I'm ranting, I'm over it.. really lol.
     
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  18. larrylarry

    larrylarry Well-Known Member

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  19. Terry_w

    Terry_w Lawyer, Tax Adviser and Mortgage broker in Sydney Business Member

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    very.
     
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  20. Terry_w

    Terry_w Lawyer, Tax Adviser and Mortgage broker in Sydney Business Member

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    How would you have felt if your father had a falling out with you say a month before his death and left everything to your brother?

    (this is what happened in an actual case).

    I think the family provision laws are extremely fair because it allows the courts to consider a number of factors.

    Have a look at the actual legislation.
     

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